Banks miss out on fees as Chinese firms turn to inhouse teams for deal advice

Banks miss out on fees as Chinese firms turn to inhouse teams for deal advice

Visual from the Didi Dache website that merged with its with its competitor Kuaidi Dache in a $6 billion deal in February 2015

When ride-hailing firm Didi Chuxing agreed to buy Uber Technologies Inc‘s China unit this month, creating a $35 billion business, both firms used in-house advisory teams, meaning the investment banks that normally advise on these dealmissed out on an estimated $60 million in fees.

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